Warner Music Jumps on to the Blockchain Bandwagon, Invests in a Dapper Labs Venture

Warner Music Jumps on to the Blockchain Bandwagon, Invests in a Dapper Labs Venture

The cryptosphere seems to be beckoning to
the who’s who of practically every field. Realizing the potential of
blockchain, the latest to drink from the eternal fountain of digitization is
the international media company, Warner Music Group. As reported
by Forbes, the company is one of the contributing parties in the $11.2 million
invested in CryptoKitties, the brainchild of Dapper Labs and would be aiding in
the launch of Flow, their new blockchain. Warner, in fact, would also be
developing its digital tokens on Flow.

The media behemoth has joined the ranks of
Union Square Ventures, Andreessen Horowitz, Venrock, and Digital Currency
Group, by making an investment of about $1 million in Dapper Labs.

Decoding Warner Music’s Fascination with
Blockchain

Shedding light on Warner’s move, the
company’s senior vice president of business development explained Flow’s
immense potential in facilitating a unique way of content and merchandise
deployment, thanks to its ability to process transaction volumes several times
that of Ethereum. Moreover, Dapper Labs can curate authentic merchandise for
the company using its CryptoKitties technology and can also facilitate artist
engagement.

“The main goal is to create new avenues where the fans of our artists can explore their fandom and engage with the artists in new and different ways that they haven’t done before.”

The initial investment is to be used in
the development of Flow and other applications compatible with the blockchain.
Meanwhile, the company will share a cut of its stock with the investors. Dapper
Labs has also announced its incentive option wherein the investors will be able
to spend a part of their investment to avail the services of the Flow platform
once it gets approved by the United States Securities and Exchange Commission.

Future Plans

Warner’s fascination with crypto and blockchain doesn’t end here. The company is working actively to flesh out ways in which it can use blockchain to facilitate artist remuneration and connect them with worldwide fans effectively eliminating the intervention of middlemen.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.